I had an experience recently and I want to share it with the whole world to be careful about it, and that’s altering crypto currency transaction fee to a very low value. This is because I tried setting my own transaction fee of very low value and my coins were stuck for sometime and finally the transaction failed at the end. As we may know, when sending any crypto currency, the transaction we are always required pay some amount for processing the transaction. We pay this amount because every crypto currency transaction must be added to the particular blockchain in order to be considered successful.
The duty of executing crypto currency transactions and adding them to the respective crypto currency blockchain is always handled by miners. These miners use very powerful devices and very high amount of electricity to connect to the particular crypto currency network. And because of that they collect their rewards in the transaction fee we pay for renting their services.
WHY CRYPTO CURRENCIES TRANSACTIONS ARE DELAYED SOMETIMES.
There are some technical issues that do affect the speed of our crypto currency transactions in the blockchain but I would like to explain the simplest one. One of the commonest reasons that affects our transaction speed is the congestion in the blockchain and the respective transaction fee offered.
When the network is overloaded with too many transactions at a particular time, people who wants their transactions to be confirmed very fast always pay for high transaction fees and miners also select transactions with higher fees for processing in that order until the network congestion reduces and they return to those with the lower transaction fee to process them in the blog. So transactions with lower transaction fee do delay in the queue and if you are lucky, it might be confirmed but if the fee is very low, it will fail and your balance will return to your wallet.
THE BEST OPTION WE SHOULD ALWAYS FOLLOW WHEN TRANSACTION FEE OF A PARTICULAR CRYPTO IS HIGH.
If you have followed my write up to this far, you will probably have a hint on what to do when transaction fee of a particular crypto is high.
The transaction fee most at times is determined by network congestion l said previously, so if you want to send crypto currency, please always use the the transaction fee selected by the wallet for the transaction, don’t always be ready to alter anything lower than that because it might cause you problems in sending your crypto. Better still if you cannot afford the transaction fee as at that time, you can also wait and try the transaction later because if the network congestion reduces, the fee for that particular crypto will also reduce and there you can send your crypto without much hustle.
Please note that you can always check the current transaction fee for coins like bitcoin, ethereum, litecoin, bitcoincash, etc from sites like cryptofees.com before placing your transaction.
Thanks to everyone for reading my piece and if you ask or correct me if I made any error in my article, we are all helping one another to understand the crypto world better and make money from it, so l would appreciate any support from any member here in any form.
Once again thanks a lot and GOD bless us all.